When the current state of the economy is such that Real GDP is greater than Natural Real GDP, the economy is in a(n) ____________________ gap. In this situation, the (actual) unemployment rate is ___________ than the natural unemployment rate, and there is a ________________ in the labor market
A) recessionary; greater; shortage
B) inflationary; less; shortage
C) inflationary; greater; surplus
D) recessionary; greater; surplus
E) recessionary; less; shortage
B
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What has happened to the free trade agenda in the last few years, and in particular to the fate of the Doha Round of trade negotiations?
What will be an ideal response?
The HO theorem states that a country will have comparative advantage in the good whose production is relatively intensive in the ________ with which the country is relatively abundant
A) tastes B) technology C) factor D) opportunity costs
The slope of the production possibilities frontier is defined to be the marginal rate of
A) transformation. B) technical substitution. C) substitution. D) profit.
Which of the following energy sources has the lowest levelized cost?
a) coal b) hydropower c) nuclear d) natural gas